DislikeCysec regulated FX brokers laundering money through PERSONAL accounts

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TheNews wrote: Sat Jun 10, 2017 4:40 pm We show full details of how certain retail firms are onboarding customers by taking deposits to personal accounts, which are then transferred by ‘agents’ to the brokerage to circumvent laws about onboarding customers and the risk management systems of merchant services providers

A great deal of concentration has centered on the means by which retail FX brokerages offer electronically traded financial products to a non-professional audience across the world during recent times.

Regulatory authorities and government organizations have committed vast resources to ensuring that the retail FX business provides full information regarding how trades are executed, who the counterparty is, what leverage can be provided and where client funds are kept, however there are areas which are just as important, that are missed.

If ever there was an advertisement to only conduct retail FX business with long established companies in major jurisdictions with a history of expertise and quality and with a strong and orderly regulatory framework – that being Britain, North America and Australia in most cases, then the means by which certain firms operate is a case in point.

Last year, FinanceFeeds explained how some companies manage to maintain regulatory licenses from CySec and have presence in Cyprus whilst conducting the vast majority of their business via offshore entities.

Indeed a matter worthy of consideration is how regulatory authorities in specific regions that are synonymous with the FX industry, with their reputation for high quality business, have the burden of companies operating unregulated offshore business from different regions, outside the regulatory oversight of specific national authorities.

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Wow I’m surprised they find a way to break CySec AML procedures :D
I use a broker that is regulated from them and they are pretty strict and following all directives. It seems that there are scammers everywhere and they could break everything :D


Re: Brokers regulation ...

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“the Laundromat” is already old story I thought they forgot it. It took place back in 2014. As far as I remember there was information that there was billions moved from Russia into 112 bank accounts that comprised the system in eastern Europe, then into banks around the world. Therefore they should investigate all banks related to it not only RBS, but it is still a good start :)


Re: Brokers regulation ...

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AJF Financial Services, the owner of binary options brokerages TradeFinancial, OndaTrade, DirektBroker24 and AlphaInvestment has renounced its Cyprus license, said the Cyprus Securities and Exchange Commission (CySEC).

According to the regulator’s announcement, the license has lapsed from September 21, 2017. The company has three months from this date to settle its obligations arising from the investment services that lapsed.

Re: Brokers regulation ...

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Canada’s regional regulator, the British Columbia Securities Commission (BCSC), has issued a warning against binary options broker uTrader and its owner Day Dream Investments Ltd.
According to the BCSC, the company claims to be based in the offshore zone the Marshall Islands, but is not regulated and is not licensed to operate in British Columbia.
Also according to client complaints, uTrader is the typical scam that pressures people to deposit money and then refuses to let withdrawals, by employing the various tricks used by such companies.

Re: Brokers regulation ...

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Switzerland’s financial markets and services regulator FINMA has warned against two unlicensed binary options brokers: UBSOption and Brokers Option for being unregulated.
UBSOption operates claims to be based in Switzerland but its address is listed to be in Eastern Europe. Between the lack of regulation, the blatant lie about where the broker operates and its attempts to make itself look related to the Swiss financial instutution UBS AG this company appears exceedingly untrustworthy.

Re: Brokers regulation ...

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Denmark’s inancial Supervisory Authority (FSA) has issued a warning that the offshore forex broker SolidCFD is not licensed to provide financial services in the country.
The company, however, has been offering to carry out financial services, according to the regulator. According to its clients, the company is a scam - here are the usual complaints: refusing withdrawals, draining people’s credit cards and not returning calls and e-mails.


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